Series 16 study plan

Map the income statement, balance sheet, and cash flow statement and trace how a single transaction flows through all three

Apply accrual and revenue-recognition principles to decide the correct timing of recognition in 10 written fact patterns

Classify cash flows as operating, investing, or financing across 5 company scenarios, including interest and dividends paid

Distinguish book value from market value and explain how each enters later valuation work

Compute and interpret profitability, liquidity, leverage, and efficiency ratios from a complete set of statements

Detect quality-of-earnings red flags and restate reported earnings for non-recurring and discretionary items

Convert an indirect-method cash flow statement into free cash flow to the firm and free cash flow to equity

Reconcile two reporting periods using common-size and trend analysis and state the three most material changes

Build a five-year DCF from explicit forecasts, computing FCFF, terminal value, and the enterprise-to-equity bridge

Derive cost of equity via CAPM and WACC, and justify each input with a stated source and rationale

Value one company using trading comparables and transaction comparables, selecting and defending each multiple

Contrast DCF, comparables, and residual income outputs and explain the drivers of divergence

Forecast revenue, margins, capital expenditure, and working capital from historical drivers with assumptions explicitly labeled

Run sensitivity and scenario analysis on the two or three value drivers that move the target price most

Formulate a buy/hold/sell recommendation anchored to a target price, implied return, and a dated catalyst path

Stress-test the recommendation against contrary evidence and identify the specific thesis-break threshold

Deconstruct report anatomy into thesis, catalysts, valuation support, risks, and required disclosures

Draft an investment thesis in one declarative sentence backed by three independently verifiable evidence points

Apply a structured review checklist to test internal consistency between thesis, model, and recommendation

Separate fact, forecast, and opinion, and label each element in a sample draft

Assemble a complete research report from finished model to final draft within a single three-hour timed block

Trace every figure in the draft back to the model and delete or source any unsupported claim

Write a risks section naming specific, quantified downside scenarios rather than generic caveats

Edit the draft to remove language that overstates certainty, guarantees outcomes, or implies undisclosed conflicts

Map the disclosure obligations attaching to published research, including ratings, price targets, and conflicts of interest

Identify prohibited conduct: front-running, selective disclosure, issuer pressure on analysts, and undisclosed compensation

Apply supervisory review, approval, and recordkeeping requirements across 10 written scenario vignettes

Determine when a communication constitutes a research report rather than marketing material, and state the consequences

Re-drill every item missed on prior mocks until each is explained in writing without notes

Complete two full-length timed mock exams under exam conditions with no reference material

Consolidate a one-page formula and rule sheet covering ratios, valuation inputs, and disclosure triggers

Isolate the three weakest sub-topics and close each with targeted practice sets